Thor Sells Minority Stake in 875 Washington to Partner ASB Real Estate Investments
Yesterday, Thor Equities closed on the sale of its less than 40 percent stake in 875 Washington Street in the Meatpacking District to co-owner ASB Real Estate Investments’ Allegiance Real Estate Fund, for a total building value of $130 million, sources told Commercial Observer. The transaction was negotiated directly between the two sides.
The Real Deal reported at the end of last month that the deal was in contract, but did not know Thor’s stake.
The partnership paid $96.5 million for the five-story property, which is between West 13th and 14th Streets, in 2013, as CO previously reported.
Thor and ASB had tried to sell the building to Shorenstein early this year, but when they didn’t get their price, they bagged the deal, Robert Bellinger, the president and chief executive officer of ASB, told CO.
Bellinger said that the fund, which is a private real estate investment trust, now has 100 percent ownership of the 66,000-square-foot building and as office floors become vacant, the fund is upgrading them. The building, he noted, is 70 percent leased, and retail tenants include perfume store Bond No. 9 and jeans shop Paige Premium Denim.
While yesterday’s sale severs ties between Thor and ASB at 875 Washington Street, the two real estate companies are invested together in a number of other properties in New York City, Miami and Los Angeles, Bellinger said.
A spokesman for Thor declined to comment.